Appraisal USPAP 3 Flashcards Preview

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Flashcards in Appraisal USPAP 3 Deck (27):
1

Standard 2 -3
Two appraisers both sign the certification

Who inspect the property and who did not

2

Standard 1-6
Reconciliation

Two part of process
1. Quantity and Quality of the data
2.Applicability and sustainability analysis

3

Hypothetical Condition
Example 1 - Proposed construction

Proposed construction is not yet built (but analyze as it's already built)

4

Standard 1-2
Hypothetical Condition

Can only be used:
1. Purpose of legal requirement, comparison, reasonable analysis
2.Credible analysis

5

Hypothetical Condition
Example 2 - "As repaired" Value

To appraise a fire damaged property's "As repaired" value

6

Use of appraiser's signature

assignment by assignment basis

7

Extraordinary Assumption

Unknown information and assume as fact

8

Exposure time 1

Price right - not a fact, your opinion
At your opinion of market value to sell on the effective date
Reasonable amount of time
Good to start with comparable

9

Exposure time 2

Hypothetical
Retrospective
Applies only to subject property

10

Days on Market

Factual
Reflects the total amount of time that the specific property, subject or comparable was known by the market to be available for purchase

11

Past Three Years
Disclosure

NOT necessary in the certification
1. before accepting assignment
2.Appraisal practice as an appraiser
3. The specific type of services
4. Disclose any interest in the subject property

12

Restricted Use Report

not detailed
STATED highest & best use rationale (2.2)

13

Feasibility Analysis

Appraisal consulting

14

Competency
appraiser license 6 years
retrospective report 7 years

As long as compiling competency rules

15

Describe

Self-Contained Report

16

Summerize

Summary Report

17

State

Restrict-Used Report

18

Appraisal Consulting

appraisal complies Standard 1
no report option

19

Standard 1-5

Analyze the property:
Sale
listing
option

20

Appraisal Review

Always conduct as of EFFECTIVE DATE of the original appraisal

Disagreement: can use a new effective date, but it's always using effective date only.

21

Problem Identification

relevant property characteristic (competency)

22

E-Signature being used illiegally

If the appraiser USE it with CARE do not responsible

23

Scope of Work
Be careful of..

do not allow assignment condition limits the scope of work

24

Readdress appraisal
to another client

NEVER

25

Tangible Assets

Real and Personal property

26

Appraisal Subcommittee
(ASC)

licensed and certified real property appraisers

27

Preamble

uspap benefits